2-for1 Sale
Canadian stocks ended their five-day winning streak as falling crude oil and natural gas prices weighed on investors’ sentiments, even as more economic data from the United States suggested that the Federal Reserve may soon pause interest rate hikes. Although the S&P/TSX Composite Index dived by as much as 88 points during the intraday trading on Thursday, a late recovery trimmed these losses, helping the index end the session with a minor five-point loss from its previous closing at 20,053.
Despite positive movement in market sectors like mining, industrials, and technology, big losses in healthcare and energy stocks pressured the main TSX benchmark.
Top TSX Composite movers and active stocks
Lithium Americas (Argentina), Lithium Americas, Birchcliff Energy, and Bausch Health were the worst-performing TSX stocks yesterday, as they dived by at least 4.8% each.
On the positive side, Torex Gold Resources (TSX:TXG) inched up by 5.3% to $13.29 per share. Besides a sharp intraday rally in precious metals prices, this rally in TXG stock came a day after the Toronto-headquartered gold miner told investors that it has received approval from Mexico’s environmental ministry for an amendment to the environmental permit for its Media Luna Project.
After the market closing bell on Thursday, Torex also provided an update on its ongoing ELG Underground drilling program. In a press release, the company suggested that its recent drilling efforts have been successful in supporting reserve replacement and resource growth. The program’s significant outcomes included advanced exploration drilling, highlighting the potential for further resource expansion. Despite its recent rally, however, TXG stock is still down 14.5% on a year-to-date basis.
Strengthening gold and silver prices also drove the shares of Fortuna Silver Mines, OceanaGold, and Endeavour Silver up by at least 4.9% each, making them among the Toronto Stock Exchange’s top gainers for the day.
Based on their daily trade volume, Enbridge, Manulife Financial, Canadian Natural Resources, Royal Bank of Canada, and Crescent Point Energy were the five most active stocks on the exchange.
TSX today
After staging a sharp rally in the previous session, precious metals were extending gains early Friday morning, which could help TSX gold and silver stocks trade on a firm note at the open today. While no domestic economic releases are due, Canadian investors may want to watch the latest monthly building permit data from the United States this morning.
Overall, the main TSX index remains on track to end the week with optimism, as it has already risen 2% week to date.
Market movers on the TSX today
